Crypto Daily: ASIC Proposes Platform Rules, Standard Chartered Delays $2T Stablecoin Target

Australia's securities regulator ASIC opened a public consultation on Thursday on proposed capital, custody, and trading requirements for cryptocurrency platforms, moving closer to implementing the Corporations Amendment (Digital Assets Framework) Act passed by Parliament in April 2026. The proposed framework outlines three alternative capital models, restricts platforms from trading for their own account, and mandates quarterly reporting on wallets holding customer assets. ASIC also proposed permitting offshore custody arrangements, while inviting industry feedback on safeguards should an overseas parent or affiliated entity fail. "Our proposed guidance and standards acknowledge the increasing role of digital assets and tokenization, including in traditional parts of the financial system," said ASIC Commissioner Alan Kirkland, positioning the rules for a 2027 rollout.

Standard Chartered has revised its stablecoin market outlook, pushing its forecast for the sector to reach $2 trillion in capitalization from 2028 to 2030. Head of digital assets research Geoffrey Kendrick attributed the delay to slower supply growth, noting that stablecoin market capitalization has plateaued near $309 billion this year despite rising transaction volumes. The bank identified four major stablecoin segments: Tether's USDT dominates savings flows in emerging economies, while Circle's USDC leads payment volumes in developed markets. In crypto trading, both USDC and Ethena's USDe hold prominent positions, with USDC also leading a smaller but growing market for transactions between AI agents. Kendrick expects competition to intensify in developed-market payments as newer issuers and banking networks enter the space.

Meanwhile, Kraken parent company Payward has agreed to acquire a Lithuanian bank, extending its footprint into traditional financial services as crypto exchanges continue bridging into regulated banking infrastructure. The deal, terms of which were not disclosed, would give the US-based crypto platform a licensed EU banking presence and broader access to European payment corridors. The move mirrors a broader industry trend of digital asset firms seeking banking charters or acquisitions to reduce reliance on partner banks and streamline fiat on-ramps.

Bitcoin was trading around $80,586 at publication time, up roughly 3.4% over 24 hours, while Solana (SOL) climbed 5.3% to $101.55 and Stellar (XLM) gained 6.4% to $0.1775. Monero (XMR) added 3.2% to $535.13, BNB rose 3.9% to $713.98, and Hyperliquid's HYPE token ticked up 1.9% to $80.23 as broader digital asset markets moved higher alongside the regulatory and institutional developments.